Event Overview On March 21-22, 2019, as a member of Huawei's China Ecological Partner, the company was invited to attend the Huawei China Ecological Partner Conference 2019 held in Fuzhou, and unveiled two major new products, the Smart Education Cloud Platform and the Industrial Internet Cloud Platform. Among them, the new products (smart campus ROBO all-in-one) and services of Huawei & Topway's one-stop campus informatization solution are completed through the collaborative operation of the company's learning center and HUAWEI CLOUD. Analysis and judgment cooperate with Huawei, and the smart education business continues to expand and utilize the company's own data advantages combined with HUAWEI CLOUD's technology to jointly create a one-stop campus informatization solution product and promote the further development of the company's smart education business. Currently, the company's main business includes education services, mobile games, and software cloud services. Among them, revenue from education services accounts for about 70% of the company's revenue, which is the core business. Through content+service as the core position, it satisfies all aspects of the needs under the education system, and establishes the “Tuowei Academy”, an online education platform that meets the needs of personalized learning through differentiated paths, lays a C-side foundation for the expansion and extension of smart business, and has obvious advantages. The channel advantage is prominent, and the scope of services covers more than 20 provinces. Through cooperation with Huawei, it has taken the lead in card slots in industry channels. The company has a service operation team of nearly 2,000 people, served 20 provinces, and nearly 30,000 primary and secondary schools. The company has established channels for the National Education Commission through examination services and education evaluations over the past 20 years; among them, the market share for college entrance examination services exceeds 58%; the market share for secondary school entrance examinations exceeds 35%; and the cumulative examination and evaluation data processing volume exceeds 200 million people. Furthermore, the company has built a nationwide kindergarten channel through 15 years of multimedia curriculum services, which have now covered 15,000 kindergartens. Since 2017, the company has become a partner of Huawei in the same boat based on HUAWEI CLOUD. It has gained a first-mover card advantage in channel competition and is in a leading position in the industry. Investment proposals were covered for the first time, and a recommendation rating was given. In the future, smart education is one of the most important sectors in the digital cloud ecosystem, and the company's cooperation with Huawei will continue to deepen. Furthermore, with the improvement of campus informatization, the platform fee rate has declined, and the evaluation business and online education business are expected to continue to increase. Therefore, the EPS given to the company 18-20 is -1.17/0.14/0.19, and the PE corresponding to the current price of 19-20 is 41X/30X. Risk warning: downstream demand falls short of expectations, business expansion falls short of expectations